529 college savings plans reach $450.5B investments, with 65% of parents anticipating family/friend support in 2024.
529 college savings plans are growing in popularity, with total investments reaching $450.5 billion as of June. Gifts from friends and family account for around 5.4% of contributions, with an average of $100 per child. Financial experts recommend 529 plans as a smart choice for saving for higher education, with tax deductions or credits available in over half of U.S. states. The College Savings Foundation reported that 65% of parents expect family or friends to contribute to their child's college savings in 2024, up from 45% in 2023.
August 28, 2024
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